Covid-19 Impacts on the Local Real Estate Market

The new year has begun, and with it comes many people who have made buying or selling a home part of their 2021 resolutions. While ongoing unemployment claims remain elevated due to COVID-19, they are substantially lower than what they were during their peak and have had little effect on buyer demand thus far. New Listings decreased 14.1 percent for Single Family homes and 16.0 percent for Townhouse/Condo homes. Sales increased 36.6 percent for Single Family homes and 42.9 percent for Townhouse/Condo homes. Inventory was down 69.1 percent for Single Family homes while Townhouse/Condo was down 56.3 percent. Median Sales Price increased 40.6 percent to $759,500 for Single Family homes and 23.6 percent to $490,000 for Townhouse/Condo homes. Days on Market decreased 48.6 percent for Single Family homes and 54.5 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 76.5 percent for Single Family homes and 66.7 percent for Townhouse/Condo homes. Low inventory and multiple offers on in-demand properties and market segments have continued to be common in the first month of the year, with little change expected in the coming months. While new listing activity as well as inventory for sale is likely to rise towards spring, buyer activity is expected to rise with it, limiting impact to the months supply of inventory.  Continue Reading

Barrie & Area Market Update January 2021

The January 2021 sales information is in, and residential property sales recorded through the Matrix System for the Barrie and District Association of REALTORS (BDAR) region showed that year-over-year sales activity and average price faced strong growth both inside and outside of the City of Barrie.  The growth in average price of units sold was double the growth in number of units sold in the Simcoe region.  Further, although month-over-month sales activity was generally down in Simcoe County, the average price of units sold continued to grow.

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